A noteworthy legislative amendment was the exclusion of “squatters” from the definition of “tenant” under the current tenancy laws.
It is important to note that while the new Good Cause Eviction Law went into effect in New York City immediately, other municipalities throughout New York State will need to opt-in by enacting this legislation if they so choose.
FARMINGDALE, NY—OneKey MLS, reported earlier today (May 22) that the closed median sale price rose 4.00% in its market area that covers nine counties in the New York City Metro/Hudson Valley regions.
OneKey MLS reported a regional closed median sale price of $575,000 in April, as compared to the $553,175 reported in March 2023. Sales transactions in the region that included residential, condo, and co-op sales, decreased to 3,160 from 3,612, representing a decline of 12.50%. Across the region, pending sales transactions fell in a month-over-month comparison—reaching 4,759 in April—an 8.50% fall off from pending transactions than the 5,203 deals reported in March.
Seven of the nine counties reported an increased closed median sale price in a month-over-month comparison, while two counties reported a decreased median sale price. Sullivan (+15.80%), Bronx (+8.90 %), Suffolk (+5.70%), Queens (+4.80%), Orange (+3.60%), Nassau (+1.70%), and Rockland (+0.30%) counties reported month-over-month increases in closed median sale price. Westchester (-1.30%) and Putnam (-10.10%) counties reported month-over-month decreases in closed median sale price.
“Low inventory seems to be keeping sellers from taking advantage of favorable selling conditions, where prices have mostly maintained throughout the region,” said Richard Haggerty, CEO of OneKey MLS. “We continue to have a lot of buyers and sellers taking a pause this spring, with all eyes watching the changes in mortgage rates.”
OneKey MLS, the largest MLS in New York, aggregates the real estate transactional data from nine counties making up the regional MLS coverage area, and reports individually on each county represented.
Made possible by the merger of MLSLI and Hudson Gateway MLS, OneKey MLS is one of the nation’s leading Multiple Listing Services, serving more than 50,000 Realtor subscribers and 4,500 participating offices throughout Long Island, Manhattan, and the Hudson Valley.
For further detailed statistical information about residential, condo, and co-op sales transactions, please visit https://www.onekeymls.com/market-statistics
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